CALGARY, Dec. 29 /CNW/ - Uravan Minerals Inc. ("Uravan") has signed a
non-binding Letter of Intent (LOI) with Cameco Corporation ("Cameco")
to exchange it's 49% joint venture interest in the Boomerang uranium
project in the southwest Thelon Basin, Northwest Territories (NT) for
Cameco's 100% interest in the various mineral dispositions making up
the Halliday Lake, Popular Point, Stewardson Lake and Thluicho Lake
uranium projects in the Athabasca Basin, Saskatchewan. A definitive
exchange agreement between Cameco and Uravan is anticipated to be
signed in January 2011.
Cameco currently holds a 51% joint venture interest in the Boomerang
uranium project. The acquisition of Uravan's 49% interest will provide
Cameco with a 100% interest in the various mining leases and claims
making up the Boomerang project and the Boomerang Joint Venture assets.
In 2010 it became clear that access to the Boomerang project area for
conducting exploration could be on hold due to land access concerns for
an unknown period of time. The issues surrounding the land access
concerns are complex but centered on unresolved Aboriginal land claims
and Aboriginal concerns regarding uranium exploration and development
in the upper Thelon River Basin. The resolution of these land access
issues are between governments and largely beyond our control.
Although Uravan believes the Boomerang project holds good potential for
finding unconformity-type uranium deposits, the area is currently not
open for exploration. Uravan's management felt it was in the best
interest of the shareholders to move on.
The properties to be acquired by Uravan from the trade with Cameco will
provide Uravan with a much larger project footprint in the Athabasca
Basin. The properties are considered highly prospective and immediately
accessible for uranium exploration in this uranium endowed region.
It is Uravan's plan to move quickly to assess these new acquisitions
using surface geochemical methods. The objective is to evaluate the
most probable location of buried uranium mineralization and, pending
positive results, be drilling potential mineral targets by late summer
One of Uravan's key strategies as an R&D uranium exploration company,
with its focus in developing innovative surface geochemical techniques,
is to advance the detection of uranium mineralization at greater depths
versus targeting blind geophysical conductors.
Additional land acquisitions by Uravan in the Athabasca Basin are
anticipated in the near future.
Uravan is a Calgary Alberta based R&D mineral exploration company
specializing in developing new uranium exploration technologies. Our
vision is to get to discovery faster and more cost effectively in
under-explored frontier areas. Uravan is pursuing exploration for
potential high-grade unconformity-related uranium deposits in the
Athabasca and Thelon Basins in Canada and other basin environments
globally. Uravan is a publicly listed company on the TSX Venture
Exchange under the trading symbol "UVN". All of the mineral properties
Uravan owns are considered in the exploration stage of development.
This press release may contain forward looking statements including
those describing Uravan's future plans and the expectations of
management that a stated result or condition will occur. Any statement
addressing future events or conditions necessarily involves inherent
risk and uncertainty. Actual results can differ materially from those
anticipated by management at the time of writing due to many factors,
the majority of which are beyond the control of Uravan and its
management. In particular, this news release contains forward-looking
statements pertaining, directly or indirectly, to the use of proceeds
of the Offering. Readers are cautioned that the foregoing list of risk
factors should not be construed as exhaustive. These statements speak
only as of the date of this release or as of the date specified in the
documents accompanying this release, as the case may be. The
Corporation undertakes no obligation to publicly update or revise any
forward-looking statements except as expressly required by applicable
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Uravan Minerals Inc.
For further information: For further information:
Larry Lahusen, CEO
Uravan Minerals Inc.